National Real Estate 2023 Exam | Questions & Answers (Rated A+)

National Real Estate 2023 Exam | Questions & Answers (Rated A+) National Real Estate 2023 Exam | Questions & Answers (Rated A+) Charles wanted to offer to purchase Tony's home and engaged Mary to be his agent. When the offer was delivered to Tony, it had a provision limiting the time for acceptance to 48 hours. Tony rejected the offer. After thinking about it for 36 hours, Tony ca - ANSWER - It was terminated when Tony first rejected the offer was correct. (Explanation: A rejected offer does not have to be formally withdrawn or revoked, and automatically terminates an offer. An offer may also be terminated by an expiration date, communication or notice of revocation before acceptance, accepted counteroffer, or death or insanity of either the offeror or the offeree before acceptance.) A buyer, before any binding contract of sale is signed, is entitled to receive a property condition disclosure statement from the seller, and A. any buyer who does not receive a statement is entitled to a $10,000 cashier's check from the seller at the closing. B. the seller's agent is obligated to assist in filling it out. C. whether or not the seller provides the disclosure form has no effect on the seller's liability for undisclosed defects. D. the licensee must inform the seller of the seller's legal rights and obligations regarding filling out the form or ignoring it. - ANSWER - Whether or not the seller provides the disclosure form has no effect on the seller's liability for undisclosed defects. (Explanation: Whether the seller provides the disclosure form has no effect on the seller's liability for undisclosed defects. In some states, buyers of one- to four family dwellings are entitled to receive a Property Condition Disclosure Statement from the seller before any binding contract of sale is signed.) Selling a home "as is" does NOT relieve the seller from defects to the property that affect the value when a. known to the seller. b. repairs will exceed $20,000. c. hazardous materials are found. d. the home was built before 1958. - ANSWER - known to the seller. (Explanation: The term "as is" does not relieve a seller from undisclosed defects to the property that affect its value when they are known to the seller.)